City of Newark - File #: 20-0952

• File #: 20-0952
• Version: 1
• Name: Resolution: Authorizing Bank Depositories and Cash Management Plan
• Type: Resolution
• Status: Adopted
• File created: 8/3/2020
• In control: Finance
• On agenda: 10/7/2020
• Final action: 10/7/2020
• Title: Dept/ Agency: Finance Action: (X) Ratifying (X) Authorizing ( ) Amending Purpose: Designating bank depositories/adopting Cash Management Plan Entity Name/Address: TD Bank Industrial Bank Columbia Bank Santander Bank J.P. Morgan Chase Crown Bank Wells Fargo Garden State Community Bank PNC Bank Bank of America Citibank Banco Popular Investors Savings Bank Valley Bank N.J. Cash Management Fund Bank of America Securities Wells Fargo Securities PNC Capital Markets Merrill Lynch Morgan Stanley Dean Witter Period: January 1, 2020 through December 31, 2020 Additional Information:
• Sponsors: Council of the Whole

Date	Ver.	Action By	Action	Result
10/7/2020	1	Municipal Council	Adopt	Pass

Title

Dept/ Agency: Finance

Action:  (X) Ratifying     (X) Authorizing     (   ) Amending

Purpose: Designating bank depositories/adopting Cash Management Plan

Entity Name/Address:

TD Bank

Industrial Bank

Columbia Bank

Santander Bank

J.P. Morgan Chase

Crown Bank

Wells Fargo

Garden State Community Bank

PNC Bank

Bank of America

Citibank

Banco Popular

Investors Savings Bank

Valley Bank

N.J. Cash Management Fund

Bank of America Securities

Wells Fargo Securities

PNC Capital Markets

Merrill Lynch

Morgan Stanley Dean Witter

Period:  January 1, 2020 through December 31, 2020

Additional Information:

body

WHEREAS, N.J.S.A. 40A:5-14 requires that the City of Newark adopt a cash management plan and deposit, or invest, or deposit and invest its funds pursuant to that plan.

                     NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:

1.                     The attached Cash Management Plan is approved for the City of Newark for the period of January 1, 2020 through December 31, 2020.

2.                     The banks listed below in the attached Cash Management Plan are authorized as depositories for the fund of the City of Newark for the period January 1, 2020 through December 31, 2020.  The banks designated as depositories are:

TD Bank

Industrial Bank

Columbia Bank

Santander Bank

J.P. Morgan Chase

Crown Bank

Wells Fargo

Garden State Community Bank

PNC Bank

Bank of America

Citibank

Banco Popular

Investors Savings Bank

Valley Bank

N.J. Cash Management Fund

3.                     The banks and non-banks listed below in the attached Cash Management Plan are authorized as Broker Dealers of the City of Newark for the period January 1, 2020 through December 31, 2020.  The Broker Dealers designated:

                                          Bank Related Broker dealers:

Bank of America Securities, 1633 Broadway, New York, New York

Wells Fargo Securities, 301 S. College Street, Charlotte, North Carolina

                                                                     PNC Capital Markets, 249 5^th Avenue, Pittsburgh, Pennsylvania

Non-Bank related Broker Dealers:

Merrill Lynch, 250 Vesey Street, New York, New York

                     Morgan Stanley Dean Witter, 1585 Broadway, New York, New York

4.                     The Cash Management Plan is hereby ratified from January 1, 2020 until the date of adoption of this resolution.

STATEMENT

Resolution approving the Cash Management Plan of the City of Newark for the period of January 1, 2020 through December 31, 2020.